Ministry of Trade, Industry and Energy

Korea’s exports expand 22.2% to $49.2 billion in January

The Ministry of Trade, Industry and Energy (MOTIE) announced on February 1 that Korea’s exports in January expanded 22.2 percent year-on-year to USD 49.2 billion, posting an all-time January record high. Exports of goods increased for 15 consecutive months, achieving a double-digit growth in four months since September 2017. The average daily exports of goods rose 9.5 percent to $2.1 billion from a year earlier. Won-denominated exports increased 10 percent to 52.5 trillion won. Export pr date2018-02-01

Korea’s retail sales increase 6.2% in 2017

The Ministry of Trade, Industry and Energy announced on January 30 that retail sales in 2017 increased 6.2 percent over 2016 on the back of strong growth in e-commerce businesses. Online retail sales in 2017 jumped 13.2 percent from a year earlier, accounting for 33.9 percent of the total retail sales. This double-digit growth in web-based sales was due to consumers’ preference to convenient online shopping experiences. Sales of major online sellers grew 27 percent and those of online date2018-01-31

Korea, US start second round of talks to amend trade deal

Deputy Minister for FTA Negotiations Yoo Myung-hee (third from left) of the Ministry of Trade, Industry and Energy (MOTIE) and Assistant U.S. Trade Representative for Japan, Korea and APEC Michael Beeman (third from right) began the two-day second round of negotiations on amendments to the Korea-U.S. Free Trade Agreement (KORUS FTA) at a hotel in downtown Seoul on January 31.At the meeting, the Korean and U.S. delegations had a further discussion on the issues raised at the first round of negoti date2018-01-31

Korea, US to hold second round of FTA amendment talks in Seoul

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 26 that the second round of negotiations on amendments of the Korea-U.S. Free Trade Agreement (KORUS FTA) will take place in Seoul on January 31 and February 1, 2018. The Korean delegation will be led by Yoo Myung-hee, Director General for Trade Policy Bureau of MOTIE, and the U.S. delegation will be led by Michael Beeman, Assistant U.S. Trade Representative for Japan, Korea and APEC. In the upcoming meeting, the two sides date2018-01-26

Minister Paik meets with energy industry leaders

Trade, Industry and Energy Minister Paik Ungyu (seventh from right) posed for a photo with representatives of the energy sector during the New Year’s gathering with the industry at a hotel in downtown Seoul on January 23. The New Year’s gathering was arranged to encourage the energy industry and promote its further development.   In his New Year’s address to the gathering, Minister Paik asked the energy industry to expand investment to help create new markets in response date2018-01-24

Trade Minister Kim hosts meeting to discuss measures against U.S. tariffs on washers and solar cells

Trade Minister Kim Hyun-chong (second from left) chaired a meeting with corporate leaders from Korean washing machine and solar makers to discuss measures against new U.S. tariffs on imported washers and solar panels in Seoul on January 23.  According to an announcement made by the Office of the U.S. Trade Representative (USTR) on January 22 (local time), President Donald Trump approved tariffs on imported large residential washers as well as imported solar cells and modules. This suggests date2018-01-23

Korea-EU FTA committee discusses stronger trade ties in Brussels

The Ministry of Trade, Industry and Energy announced on January 20 that the Ministry and the European Commission convened the seventh meeting of the Korea-EU Trade Committee in Brussels, Belgium on January 19.The Korea-EU Trade Committee is established under the Korea-EU Free Trade Agreement (FTA) to ensure the proper operation of the trade pact and meets annually.In this year’s meeting co-chaired by Trade Minister Kim Hyun-chong and EU Commissioner for Trade Cecilia Malmström, the tw date2018-01-20

ICT exports hit record high in 2017

The Ministry of Trade, Industry and Energy announced on January 16 that exports of information and communication technology (ICT) products surged 21.6 percent to a record USD 197.6 billion in 2017 from a year ago, surpassing $190 billion for the first time. In 2017, exports of ICT products, including semiconductors, mobile phones, computers and display panels, recorded a double-digit growth for the first time in seven years since 2010. Exports also achieved a monthly high for each month from Fe date2018-01-19

Korea’s automobile exports return to growth in 2017

The Ministry of Trade, Industry and Energy announced on January 17 that Korea’s exports of automobiles returned to growth in 2017, while production and domestic sales slowed. Automobile exports increased 3.9 percent year-on-year to $41.7 billion in 2017 after two years of contraction. Exports in value grew although the number of vehicles shipped abroad contracted 3.5 percent to 2,529,153. Car production in 2017 decreased 2.7 percent to 4,114,913 units from a year earlier. Domestic sales date2018-01-19

Industrial materials, components exports post all-time high in 2017

The Ministry of Trade, Industry and Energy announced on January 18 that exports of 12 types of industrial materials and components in 2017 posted an all-time high of USD 28.2 billion.The value of materials and components shipped abroad rose 12.0 percent year-on-year, recording a double-digit growth for the first time in six years, on the back of global economic recovery.Imports in the sectors grew to $168.3 billion, up 10.3 percent from 2016. The annual trade balance increased by $14.6 bill date2018-01-18